Tag: insurance legislation

From Crisis to Solution: How AB 226 Aims to Transform Wildfire Insurance

H. Cutner
Wildfire Insurance

California Moves to Reinforce FAIR Plan Stability Amid Wildfire Challenges California lawmakers are taking bold steps to protect homeowners and address the state’s wildfire-induced insurance crisis. At the center of these efforts is Assembly Bill (AB) 226, also known as the FAIR Plan Stabilization Act, designed to bolster the state’s insurer of last resort. With unanimous support in the Assembly and growing momentum in the Senate, this bill holds promise for easing the financial strain on an increasingly overburdened insurance market. FAIR Plan’s Crucial Role in High-Risk Areas The FAIR…

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Why FEMA’s Flood Insurance Program Is Making Headlines Again

G. Turner
FEMA’s Flood Insurance Program

Senate Bill to Extend the National Flood Insurance Program Until 2027: A Game Changer for Flood-Plagued Communities Understanding the shifting landscape of federal flood insurance can feel like deciphering a complex puzzle. But for millions of homeowners living in flood-prone areas, clarity may finally be on the horizon. A newly proposed Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 31, 2026. This legislation would bring an end to the exhausting cycle of short-term extensions that have burdened the program for years. Here’s why this matters…

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California Rejects State Farm’s Emergency 22% Home Insurance Rate Hike Request

Angela Linders
California Rejects State Farm's Emergency 22% Home Insurance Rate Hike Request

California Insurance Commissioner Rejects Rate Hike Amid Consumer Concern California Insurance Commissioner Ricardo Lara has rejected a proposed 22% emergency rate hike for home insurance requested by State Farm General Insurance Company. The decision came after the company failed to provide evidence proving the increase was necessary and could not explain how the additional revenue would address its prior decisions to stop writing new policies in the state and not renew existing ones. Lara’s letter to State Farm underscored his commitment to protecting policyholders from unnecessary financial burdens while voicing…

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How a Single Bill Could Reshape Insurance Regulation in America

G. Turner
Insurance Regulation

Congressman Troy Downing Introduces Legislation to Abolish the Federal Insurance Office Congressman Troy Downing, representing Montana’s 2nd district, has introduced a new bill, H.R. 643, in the U.S. House of Representatives aimed at abolishing the Federal Insurance Office (FIO). The proposed legislation seeks to return full regulatory authority over the insurance industry to state governments, eliminating what supporters consider an unnecessary and duplicative federal entity. “The law is clear. Regulation of the insurance industry rests with the states, not big government,” Downing stated in a press release. This reflects his…

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Louisiana Homeowners Score Relief as Property Insurance Fees Drop Early

Angela Linders
Loiusiana Homeowners Property Insurance fee drop

Louisiana Insurance Relief: Ending the 1.36% Assessment Louisiana property insurance policyholders are poised to experience some financial relief this year as the Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) implements significant changes to reduce costs. The most notable adjustment is the early termination of a 1.36% statewide assessment on residential and commercial property insurance policies. Originally scheduled to conclude in June 2026, the assessment will now end in April. This fee was introduced to pay off bonds associated with claims from hurricanes Katrina and Rita. Louisiana Citizens, the state-run insurer…

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Windstorm Coverage for All? The Bold New Proposal for Citizens Insurance

G. Turner
Citizens Insurance

Florida House Bill 13 Proposes Transformations for Citizens Insurance A significant proposal aimed at reforming Florida’s state-backed Citizens Property Insurance Corporation is currently under review for the 2025 legislative session. House Bill 13, introduced by Representative Hillary Cassel of Broward County, suggests making Citizens Insurance available to all Florida property owners while limiting its coverage exclusively to windstorm damage. This proposal has sparked considerable debate, with varying opinions emerging on its potential effectiveness. Expanding Windstorm Coverage to All Floridians House Bill 13 proposes transforming Citizens Insurance into a windstorm-only insurance…

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House Committee Gives Green Light to Wildfire Insurance Coverage Study

Loreen
wildfire insurance study act

Setting Opinions Aside: An Objective Look at Wildfire Insurance In the wake of devastating wildfires across the country, the House Financial Services Committee has taken a significant step towards addressing the growing concern over insurance coverage for damages resulting from such disasters. With a strong bipartisan backing, the committee has forwarded a bill that mandates a comprehensive study on the state of wildfire insurance. Rep. Patrick McHenry, R-N.C. and chair of the committee, emphasized that the conversation about wildfires must transcend the usual debate on climate change, focusing on observable…

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